When it comes to money, kids listen to their parents

Kid gets money from an ATM
Kid gets money from an ATM

Despite what you think, when it comes to your kids and money they're listening to you.. At least that's what a recent survey by Salem Five Bank, a community bank based in Salem, Mass., seem to suggest.

Salem Five Bank, which I referenced in a recent post about setting up a savings account for your child, polled Massachusetts parents and their kids (ages 7 to 12), about money, looking for similarities and differences between their attitudes. And while the main lessons gleaned from this were that kids actually do learn how to manage money from their parents and they listen closely to them for guidance. In fact, 96% of the children who responded said they listened to their parents the most when they discussed money, assuming that money is a primary topic in the household. I have to admit, I found just about everything else about the survey a little more interesting.